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Business strategy, market structure and risk-return relationships: a structural approach

Author: Cool, Karel O. ; Dierickx, Ingemar ; Jemison, David B.INSEAD Area: StrategyIn: Strategic Management Journal, vol. 10, no. 6, November/December 1989 Language: EnglishDescription: p.507-522.Type of document: INSEAD ArticleNote: Please ask us for this itemAbstract: A structural model is proposed which integrates and extents previous findings on the interrelations between risk-return outcomes, market share, firm conduct attributes, and interfirm rivalry. It is argued that the relative impact of market share and firm conduct attributes on risk-return outcomes depends on the intensity of rivalry. The empirical setting is commercial banking in Indiana (1975-79). Latent variable path analysis (Partial Least Squares) is used to estimate the model. The effect of market share is found to be quite important, even when possible "spurious" effects due to differences in individual firm attributes are controlled for. Given consistent indications of oligopolistic coordination found in various parts of the model, it is inferred that the measured effect of market share reflects the exercise of market power
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INSEAD Article Europe Campus
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A structural model is proposed which integrates and extents previous findings on the interrelations between risk-return outcomes, market share, firm conduct attributes, and interfirm rivalry. It is argued that the relative impact of market share and firm conduct attributes on risk-return outcomes depends on the intensity of rivalry. The empirical setting is commercial banking in Indiana (1975-79). Latent variable path analysis (Partial Least Squares) is used to estimate the model. The effect of market share is found to be quite important, even when possible "spurious" effects due to differences in individual firm attributes are controlled for. Given consistent indications of oligopolistic coordination found in various parts of the model, it is inferred that the measured effect of market share reflects the exercise of market power

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